For larger accounts with PMS integrations VRBO is a passthrough and we are the merchant of record. 

If the partner wants to get a bigger cut on future deals, they can save their money and buy into a larger percentage on the next deal.

On the other hand, you can borrow yourself into oblivion, and guys that have no cash position better have a hell of a lot of liquidity - especially in more volatile markets.

I feel a loss of direction and that makes it really hard for me to focus and build.Do we keep at building a portfolio of small multi family (very abundant in my market, very rare to find anything above a triplex for sale), with plans of selling the portfolio and 1031'ing into larger properties? 

They have larger offices with more agents to network and learn from, training meetings, etc. 

This experience may well have prevented me from being taken in by a larger scam down the road.

This person did not raise any money, they invested around $600,000 into the offering and because they were one of the larger investors were considered a Co-GP because it was a new sponsor and they needed this persons $.

Retaining your current home at a 2.875% mortgage rate maximizes cash flow, while accessing $65K in equity provides liquidity for your next steps.

You have the tools and mindset that work with larger scale commercial so I would network until you meet someone who may let you run some of their deals with them and see what they look like in person.

For larger CapEx jobs, we're fine with a client getting their own quotes, in fact, sometimes this is preferable.